BWP GROUP — Capital/Financing Update 2002

Nov 20, 2002

BUNNINGS PROPERTY MANAGEMENT LIMITED

ABN 26 082 856 424 Responsible Entity for the Bunnings Warehouse Property Trust

21 November 2002

BUNNINGS WAREHOUSE PROPERTY TRUST ASX CODE BWP

The Australian Securities and Investments Commission Corporations Act 2001 subsection 741(1) Declaration, dated 14 November 2002 in relation to a placement of units in the Bunnings Warehouse Property Trust (ARSN 088 581 097) (Trust) to institutional investors pursuant to an underwriting agreement with JBWere Limited previously disclosed to the market on 14 November 2002, requires the following statement to be made to the Australian Stock Exchange Limited:

Bunnings Property Management Limited (ABN 26 082 856 424) as responsible entity of the Trust, state that there is no information of the kind that would be required to be disclosed under subsection 713(5) of the Corporations Act 2001 if a prospectus were to be issued in reliance on section 713 in relation to an offer of the units in the Trust, to disclose.

For further information please contact:

Mr Andrew Hopkins Manager, Bunnings Property Management Limited

Telephone: (08) 9327 4318 andrew.hopkins@bpml.wesfarmers.com.au E-mail: Website: www.bunningspropertytrust.com.au